Bitcoin and other altcoins recorded huge losses on Monday as the FTX crypto exchange looked to sell some of its assets.
Bitcoin is now trading above the $25k level once again.
BTC Temporarily Dips Below $25k
Bitcoin, the world’s leading cryptocurrency by market cap, temporarily dipped below the $25k level on Monday. The poor performance came following reports that FTX could sell some of its crypto assets.
The price dip came as investors were digesting the possibility of FTX securing approval from the bankruptcy court to sell assets from its $3.4 billion of cryptocurrency holdings. If that happens, BTC and others could suffer temporary loss.
The news saw BTC drop below the $25k level for the first time in nearly two weeks. However, Bitcoin has since recovered and is now trading above the $25,700 level once again.
Meanwhile, altcoins also recorded huge losses following the FTX news. XRP, the native coin of the Ripple ecosystem, is down by nearly 4% in the last 24 hours and is now trading at $0.4765 per coin.
Ether, Toncoin, Solana, Polkadot, Polygon, Litecoin, Shiba Inu, and UNUS SED LEO have all lost more than 2% of their values over the past 24 hours. With altcoins recording huge losses, the total cryptocurrency market cap has remained at $1.03 trillion, down by 1% so far today.